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Private forecasters raised U.S. corn yield estimates, with FCStone projecting 175.3 bushels per acre and total production of 15,226 million bushels, above USDA's October figures. Several states, including Illinois, Iowa and Minnesota, may reach record yields ahead of the November WASDE report.
Record yield expectations point to larger supplies, which is bearish for corn prices unless the USDA report shows a major downgrade.
seeitmarket.comMarcus LudtkeNov 7, 2016After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
